6th Jun 2016 06:40
LONDON (Alliance News) - PureTech Health PLC on Monday said its subsidiary Vedanta BioSciences has raised USD50 million to help advance a number of studies in infectious and autoimmune diseases, and to build its technology platform.
Vedanta Biosciences its developing a new class of therapies designed to modulate the human microbiome. Investors in the funding round included new investors Rock Springs Capital Management, Invesco Asset Management, and Health for Life Capital.
PureTech contributed USD30 million to the funding, taking its total stake in Vedanta to over 75%. Invesco invested USD11 million, and as Invesco is a 32% shareholder in PureTech, this investment is considered a smaller related-party transaction.
"We are grateful for the strong support from venture and leading public healthcare investors who share our vision to take the microbiome field beyond faecal transplants and into rationally defined bacterial consortia," said Chief Executive Officer of Vedanta Biosciences Bernat Olle in a statement.
"This financing positions us to advance multiple candidates that have emerged from our discovery platform into clinical trials," Olle added.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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